Electrical New Issue With Passive Anti-theft

I recently purchased a 94 Mustang street custom that was converted from a 6 cyl.to a built 351W motor w/Richmond 5-speed and RideTech air suspension (retirement hobby).

It has run great all spring and today after a drive, I went to start it to put in garage and no ignition? All lights, turn signals, radio etc work. It has an external fuel pump with dash switch and that works as well, until I turn the ignition key and it is then disabled along with no spark or starter. I disconnected the battery for 30 min., and when I hooked it back up, the alarm went off with lights and horns. I have checked all the fuses and everything looks fine.

Should I suspect that its a bad anti-theft module in the trunk?

Any help/suggestions would be much appreciated.
 
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